SpaceX is the world's largest launch provider and operator of Starlink, the satellite broadband network with over 10 million subscribers, and since its February 2026 all-stock acquisition of xAI it is also one of the largest owners of AI training compute on Earth. The combined company lists on Nasdaq as SPCX after a June 2026 IPO that raised $86B at a $1.78T valuation and now trades at roughly $2T, making it one of the six most valuable U.S.-listed companies. Launch and Starlink generate the cash; the AI segment, which includes the Grok model family, X, and the Colossus data centers in Memphis and Southaven, is where the capital is going.

SpaceX's thesis is that AI compute is ultimately power-constrained on Earth, and that it is uniquely positioned to move it off-planet. Its Colossus 1 and Colossus 2 clusters run hundreds of thousands of Nvidia GPUs and were among the first facilities to deploy GB200 and GB300 at scale; the company has filed with the FCC for up to one million solar-powered orbital compute satellites linked by Starlink lasers, targeting 1 GW of orbital compute by end of 2026 and 100 GW within a few years. Feeding that constellation is the stated purpose of Terafab, a chip fabrication joint venture with Tesla and Intel in Texas whose first phase SpaceX has disclosed could cost $55B. That full-stack ambition, from fab to launch to model, is the reason a rocket company is on this list.

SpaceX has started selling Colossus capacity externally: in May 2026 Anthropic agreed to pay $1.25B per month through May 2029, roughly $45B, for exclusive access to Colossus 1 and its 220,000-plus GPUs, and Google signed a separate capacity deal disclosed in the S-1. The AI segment turned EBITDA-positive in Q2 2026, and the company contracted a further $6.7B of cloud services revenue for the six months from October. Q3 2026 revenue was $14.6B, up 161% year over year, with trailing twelve-month revenue of $32B against a net loss of $2.8B driven by AI capex. Nvidia converted its xAI stake into SpaceX equity in the merger and is now a shareholder in the company whose data centers it supplies.